Maybank Fixed Deposit Rate 2020
Updated OCT 2020
- Maybank Islamic Fixed Deposit Rate 2020
- Maybank Fixed Deposit Rate August 2020
- Maybank Fixed Deposit Rates 2020
- By Joanne Poh on 9 January 2020 In 2019, Maybank offered some of the best fixed deposit promotions in town, busting even the 2% p.a. Ceiling in some months. Sadly, Maybank is lagging behind this month — the January 2020 fixed deposit promotions are “meh” at best.
- Score up to 1.60% p.a. In Singapore Dollar Time Deposit. For every S$1,000 deposited in your savings account, you can place S$10,000 in Maybank Singapore Dollar Time Deposit. FIND OUT MORE: Deposit online and earn 1.75% p.a. With minimum deposit of S$50,001 in 24-month Maybank iSAVvy Time Deposit.
- Rates for Maybank Fixed Deposit Account. Effective from 9 July 2020. All interest / dividend rates quoted may change without prior notice.
- Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S.
Maybank iSAVvy Time Deposit
| Amount (SGD)/Tenor | 3 month | 6 months | 12 months | 24 months | 36 months |
| S$5,000 to S$24,999 | 0.35% | 0.40% | |||
| S$25,000 to S$50,000 | 0.35% | 0.40% | 0.65% | 0.85% | 1.00% |
| S$50,001 to S$249,999 | 0.35% | 0.40% | 0.65% | 0.85% | 1.00% |
| S$250,000 to S$1000,000 | 0.35% | 0.40% | 0.65% | 0.85% | 1.00% |
You are allowed to make an immediate withdrawal of your fixed deposit prior to maturity, subject to Maybank's Terms and Conditions. With effect from January 2019, when you make an immediate premature withdrawal (without 31 days' notice period) no interest will be paid to the withdrawn amount.
Maybank SGD Time Deposit
| Amount (SGD)/Tenor | 1 * month | 2 months | 3 months | 6 months | 9 months | 12 months | 18 months | 24 months | 36 months |
| S$1,000 to S$50,000 | 0.20% | 0.20% | 0.30% | 0.35% | 0.50% | 0.60% | 0.75% | 0.80% | 1.0% |
| S$50,001 to S$99,999 | 0.20% | 0.20% | 0.30% | 0.35% | 0.50% | 0.60% | 0.75% | 0.80% | 1.0% |
| S$100,000 to S$249,999 | 0.20% | 0.20% | 0.30% | 0.35% | 0.50% | 0.60% | 0.75% | 0.80% | 1.0% |
| S$250,000 to S$999,999 | 0.20% | 0.20% | 0.30% | 0.35% | 0.50% | 0.60% | 0.75% | 0.80% | 1.0% |
Check Out September 2020 Best Fixed Deposit Accounts Singapore
Looking for the best fixed deposits in October 2020 in Singapore? If you have 50K, you should read my previous post on Where Will You Put 50K? before you jump straight into Fixed Deposits.
Fixed Deposit or Singapore Savings Bonds?
Forget about the Singapore Savings Bonds. The 1 year interest rate for November 2020 Singapore Savings Bonds has fallen as low as 0.23%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.
The Alternatives – Short Term Endowments
I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying a short term endowment plan. Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer. Most of the short term endowment plans are on limited tranche basis.
At the point of writing, the second tranche of the popular NTUC Gro Capital Ease (1.96% for 3 years) is fully subscribed.
The Alternatives – GIGANTIC, Dash EasyEarn or Singlife
Alternatively, you can check out GIGANTIC, Dash EasyEarn or Singlife whereby there is no lock in period and they offer a higher returns as compared to fixed deposits. Personally, I have signed up a Singlife Account and Dash EasyEarn.
| GIGANTIC | Dash EasyEarn | Singlife Account | |
| Lock In Period | No | No | No |
| Minimum investment amount | S$50 | S$2,000 | S$500 |
| Return rate per annum | 2.0% per annum on your first S$10,000 for the first year 1.0% for amounts above S$10,000 for the first year | 2.0% p.a. return for the first year (Guaranteed 1.5% p.a. + 0.5% p.a. bonus for first policy year, available on a first come, first served basis) | 2.0% for first S$10,000 1.0% for next S$90,000 Note: * From 1 November 2020, customers who spend S$500 within their specified card spend period on the Singlife Visa Debit Card will qualify for a bonus 0.5% p.a. return on top of the new base return of 2% p.a. for the duration of one policy month. |
Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for October 2020. The current low interest rates offered by most banks remained unattractive to me.
Among the banks below, I prefer the fixed deposit from DBS given that DBS offer much higher interest rate per annum for a 12 month placement as compared to the rest of the banks. You will not find any banks except DBS that pays you 1.15% p.a. for a S$20,000 placement.
DBS is the best fixed deposits in October 2020!
DBS Fixed Deposit (Recommended)
Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated
The interests rates were published on 3rd September 2020. The interest rates for the amount tier S$1,000 to S$19,999 and other tenors remain unchanged. The interest rates for 12 months and above tenors are applicable only to rollover placements at the same tenors.
For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS. For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.
Hong Leong Finance Deposit Promotion
Interest Rate: Up to 0.85%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
For 12 months placement of S$20,000 at 0.85% p.a., the interest that you will receive upon maturity is S$170.00. This is on the condition that you perform the renewal or fresh funds deposit via PayNow.
| Deposit Amount | 12 months (Renewal or Fresh Funds via PayNow) | 12 months (Fresh Funds At Branch) |
| S$20,000 and above | 0.85% | 0.80% |
MayBank iSAVvy Time Deposit
Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: Not stated
MayBank has reduced their interest rate across the tiers. Here are the interest rates for MayBank iSAVvy Time Deposit as of 9th October 2020.
For a 6 months placement of S$5,000 at 0.40% p.a., the interest that you will receive upon maturity is S$10.00.
For a 12 months placement of S$25,000 at 0.65% p.a. and 24 months at 0.85% p.a., the interest that you will receive upon maturity is S$162.50 and $426.81 respectively.
UOB Time Deposit
Interest Rate: 0.55%, Minimum Placement: S$20,000, Promotion Valid Until: 31st October 2020
The interest rate has fallen from 0.65% p.a. in September to 0.55% p.a. in October.
For 10 months placement of S$20,000 at 0.55% p.a., the interest that you will receive upon maturity is S$91.67.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$20,000 | 10 months | 0.55% p.a. |
OCBC Time Deposit
Interest Rate: 0.50%, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020
OCBC has reduced their fixed deposit rate from 0.60% p.a. in September to 0.50% p.a. in October.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$5,000 | 12 months | 0.50% p.a. |
For 12 months placement of S$5,000 at 0.50% p.a., the interest that you will receive upon maturity is S$25.00.
CIMB Fixed Deposit
Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020
For 12 months placement of S$5,000 at 0.30% p.a., the interest that you will receive upon maturity is S$15.00.
Standard Chartered Bank Singapore Dollar Time Deposit
Maybank Islamic Fixed Deposit Rate 2020
Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 12th October 2020
For 6 months placement of S$25,000 at 0.20% p.a., the interest that you will receive upon maturity is S$25.00.
Maybank Fixed Deposit Rate August 2020
If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.30% p.a., the interest that you will receive upon maturity is S$37.50.
Maybank Fixed Deposit Rates 2020
| Minimum Placement | Tenure | Promotional Rate | Priority Banking Preferential Rate |
| S$25,000 | 6 months | 0.20% p.a. | 0.30% p.a. |